Core Viewpoint - Hainan Airport is experiencing a peak in return passenger flow as the Spring Festival holiday concludes, prompting airlines to increase flight capacity to meet travel demand [1] Group 1: Flight Arrangements - China National Airlines will add flights from Haikou Meilan to Beijing Capital and Chengdu Tianfu from February 23 to 25, and to Shanghai Pudong and Hangzhou Xiaoshan on February 24 and 25, with one flight each day [1] - Eastern Airlines will increase flights from Haikou Meilan to Shanghai Pudong daily from February 24 to March 5 [1] - Southern Airlines will add one flight each from Sanya Phoenix to Guangzhou Baiyun on February 23 and from Guangzhou Baiyun to Sanya Phoenix on February 24 [1] Group 2: Overall Capacity Increase - Airlines have scheduled over 2,000 additional flights during the Spring Festival travel period, expected to increase seating capacity by 600,000 [1] - A total of over 10 million seats will be deployed during the 40-day Spring Festival period, representing a 10% year-on-year increase [1] - The Civil Aviation Administration has approved a second batch of additional flights to popular destinations such as Shanghai, Beijing, Chengdu, Fuzhou, and Shenzhen to address the return peak [1] Group 3: Flight Frequency - From the fifth to the seventh day of the Lunar New Year, flights between Hainan and Beijing, Shanghai will exceed 100 flights daily [1]

Group 1 - The increase in passenger traffic from Hainan is attributed to the implementation of the closure operation this year [1][6] - During the Spring Festival period, there is a peak in outbound transportation from Hainan, with tickets for flights and ferries becoming scarce [1][4] - For example, on February 20, the economy class tickets from Haikou to Guangzhou start at 2000 yuan (excluding taxes), and by February 22-23, all economy class tickets are sold out, leaving only a few business class tickets priced at 6210 yuan [1] Group 2 - The ferry tickets for the route from Haikou to Zhanjiang Xu Wen are fully sold out for the upcoming week, indicating high demand [4] - From February 2 to February 10, the total passenger flow in Hainan during the Spring Festival reached 4.86 million, a year-on-year increase of 6.34% [7] - The transportation of new energy vehicles saw a significant increase of 74% compared to the same period last year [7] Group 3 - The average daily inbound and outbound personnel during the Spring Festival is expected to reach 79,300, a 24.1% increase from last year [7] - In contrast, ticket prices for flights from mainland China to Hainan have significantly decreased, with prices as low as 320 yuan on February 24 [8]

货运运力投入同比下降0.03%，货邮周转量同比上升7.65%，货邮载运率为50.39%，同比上升3.59个百分 点。 当月无新增主要航线，退出1架A321飞机，截至2026年1月底运营971架运输飞机。 截至2026年2月13日收盘，南方航空（600029）报收于7.6元，较上周的8.22元下跌7.54%。本周，南方 航空2月9日盘中最高价报8.46元，股价触及近一年最高点。2月13日盘中最低价报7.58元。南方航空当前 最新总市值1377.19亿元，在航空机场板块市值排名2/12，在两市A股市值排名136/5189。 本周关注点 公司公告汇总 2026年1月，中国南方航空股份有限公司及所属子公司客运运力投入（按可利用座公里计）同比下降 1.10%，其中国内下降5.42%，地区上升0.12%，国际上升10.45%；旅客周转量同比下降2.86%，其中国 内下降6.91%，地区上升1.12%，国际上升7.96%；客座率为83.26%，同比下降1.51个百分点。 以上内容为证券之星据公开信息整理，由AI算法生成（网信算备310104345710301240019号），不构成 投资建议。 公司公告汇总：南航2026年 ...

2月13日，一批来自马来西亚的新鲜山竹搭乘南航CZ350航班，从吉隆坡飞抵广州白云国际机场。南方 航空供图 这批马来西亚山竹产自当地优质产区，采摘后迅速完成预冷、分级、包装等前置处理，全程依托南方航 空物流股份有限公司(以下简称"南航物流")一体化冷链物流解决方案锁住新鲜。从产地采摘、航空运输 到终端配送，南航物流实现全程"鲜"度守护，让"洋年货"顺利搭上春运物流快车。"从2月9日到春节 前，每天都有超10吨山竹从吉隆坡果园直飞广州。"南航物流相关负责人介绍道。 中新网广州2月14日(记者郭军)春节临近，越来越多"洋年货"跨越山海奔赴中国百姓餐桌。2月13日，一 批来自马来西亚的新鲜山竹搭乘南航CZ350航班，从吉隆坡飞抵广州白云国际机场。 经分拣、查验、通关等流程后，这批新鲜山竹将迅速运往广州各大商场、农贸市场，很快端上百姓的春 节餐桌。 （文章来源：中国新闻网） 据统计，春运以来，南航物流在广州地区保障进口生鲜冷链货物数量有所增长。货物品类涵盖水果、海 鲜等，其中东南亚优质水果占比显著。除13日抵达的马来西亚山竹外，澳大利亚樱桃、新西兰三文鱼、 北美龙虾等特色生鲜也持续通过航空物流渠道入境，丰富了国内年货 ...

Investment Rating - The report maintains a "Recommend" rating for the aviation sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [56]. Core Insights - The report highlights a strong demand for air travel during the Spring Festival, with a projected growth in passenger numbers of around 5% due to the recovery of international routes and increased domestic travel demand driven by service consumption [8]. - The report notes that the supply of aircraft is expected to grow at a compound rate of approximately 3% over the next three years, indicating a "hardcore" constraint on supply [8]. - High load factors are anticipated to lead to significant price elasticity, particularly for major airlines such as China National Aviation, Southern Airlines, and Eastern Airlines, which are expected to see a release of elasticity [8]. Monthly Data Analysis Overall Performance - In January, the overall ASK (Available Seat Kilometers) growth rates varied among airlines, with Spring Airlines leading at 4.5% growth, while Hainan Airlines saw a decline of 6.6% [1]. - RPK (Revenue Passenger Kilometers) growth also showed a similar trend, with Spring Airlines at 6.0% and Hainan Airlines at -4.4% [1]. Domestic Routes - For domestic routes in January, Spring Airlines had the highest ASK growth at 13.3%, while Hainan Airlines had the lowest at -8.5% [2]. - RPK growth for domestic routes was led by Spring Airlines at 14.4%, with Hainan Airlines again at the bottom with -6.3% [2]. International Routes - On international routes, Southern Airlines showed the highest ASK growth at 10.5%, while Spring Airlines experienced a decline of 20.8% [2]. - RPK growth on international routes was also led by Southern Airlines at 8.0%, with Spring Airlines again showing a significant decline of 19.5% [2]. Regional Routes - Spring Airlines led regional routes with an ASK growth of 41.6%, while the lowest was seen in 吉祥 Airlines at -39.4% [2]. - RPK growth for regional routes was similarly led by Spring Airlines at 40.7% [2]. Load Factor - In January, Spring Airlines achieved the highest load factor at 92.0%, with a year-on-year increase of 1.3 percentage points [3]. - The load factors for other airlines were as follows: Eastern Airlines at 85.0%, 吉祥 Airlines at 84.0%, and Southern Airlines at 83.3% [3]. Fleet Size - In January 2026, the six listed airlines collectively saw a net exit of 5 aircraft from their fleets [3].

Investment Rating - The report assigns an "Accumulate" rating for the aviation industry [5]. Core Insights - The demand for civil aviation during the 2026 Spring Festival is expected to be strong, with limited additional flights, leading to a gradual narrowing of passenger growth rates. Ticket prices are anticipated to continue rising year-on-year during and after the holiday period. Coupled with lower oil prices, airline profitability is expected to improve significantly compared to the previous year [3][4]. Summary by Sections Industry Overview - The 2026 Spring Festival travel season officially began on February 2, with strong demand expected to set a new historical high for passenger flow. As of February 12, the overall flow of people increased by 2.3% year-on-year, with aviation leading at a growth rate of 5.4% [5][6]. Passenger Flow Analysis - Passenger flow for various transportation modes showed the following year-on-year growth rates: aviation at 5.4%, rail at 2.6%, and road at 2.2%. The first week of travel was impacted by adverse weather, but recovery was noted in the second week as conditions improved [5][6][8]. Airline Performance - Daily average passenger volume for civil aviation reached approximately 2.36 million, with a year-on-year increase of 5.4%. The growth rate is in line with expectations, although the limited number of additional flights may lead to a slight decrease in growth rates as the holiday approaches [5][8]. Ticket Pricing Trends - The report estimates that domestic load factors increased by about 1 percentage point year-on-year, with ticket prices (excluding fuel surcharges) rising by approximately 1-2%. Despite a 13% year-on-year decrease in jet fuel prices, the net ticket prices are expected to rise, indicating an improvement in airline gross margins [5][8]. Future Outlook - The report anticipates a "super cycle" for the Chinese aviation industry, driven by sustained demand growth and a shift towards market-driven pricing. The upcoming peak season is expected to significantly enhance airline profitability, with the first quarter of 2026 likely to see industry-wide profitability [5][8]. Recommended Stocks - The report recommends accumulating shares of key airlines, including Air China, Juneyao Airlines, China Eastern Airlines, China Southern Airlines, and Spring Airlines, based on their expected performance and market conditions [5][13].

"大吉大荔"新春伴手礼荔枝酥礼盒，鲍鱼红烧肉寓意"金玉满堂"……马年春运期间，万米高空也飘起了 浓郁的广府年味。返乡旅客陈先生通过南航App选购机上餐食时惊喜地发现，粤式明炉叉烧饭、金玉满 堂鲍鱼红烧肉等多款地道粤式年菜全新上线，一口鲜香便让归乡之旅多了几分暖意。2月13日，在中国 南方航空与中国大酒店联合研发下，"云端新遇·年味团圆"主题套餐正式推出，为返乡旅客及各地游客 带来别具一格的美食体验，也为"食在广州"金名片增添云端新场景，让广府美味随航线飞向全国。 据悉，乘坐南航广州始发明珠经济舱及经济舱正餐航班的旅客，可通过南航App提前24小时预订新春特 色餐食。主菜鲍鱼红烧肉寓意"金玉满堂"，冷荤"瑞彩捞鸡"取意"捞起捞起，风生水起"，搭配双福贺喜 元宝红豆酥与紫薯山药糕两款粤式茶点，让旅客在云端也能品味"舌尖上的年味"。据南航食品公司市场 部乘务长文歌介绍，双方联名推出的"大吉大荔"新春伴手礼荔枝酥礼盒，采用锁鲜保形工艺，留住高州 桂味荔枝的天然甜香，将在广州、北京、乌鲁木齐等全国15个站点出港航班免费派送，为万千归乡旅客 送上岭南专属的甜蜜年味。 此次云端美食的推出，是广州推动餐饮服务场景创新、拓展" ...

（本文图片均由南航物流提供） 春运保障仍处于关键阶段。从鲜花礼赠到年货民生，从鲜活物资到跨境快件，南航物流以专业运力与暖 心服务，全力守护每一份团圆期盼与真挚心意。（编辑：陈虹莹 校对：李佳洹 审核：程凌） 面对高时效、高价值、高民生需求集中的市场特点，南航物流全面升级全链条保障体系，以专业化、标 准化、精细化服务筑牢运输防线。公司充分利用春运热门航线运力，持续优化装载效率与运载能力，同 时深化多方协同，优化库区作业流程，打通货物周转关键节点，实现货物随到随检、快速入库，确保从 上海入境的进口生鲜产品高效转运至全国各地。针对春运期间复杂天气可能带来的影响，南航物流还建 立鲜活货物专项预报机制，对运输全程实施动态监控，确保每一票货物安全、准时、顺畅抵达目的地。 《中国民航报》、中国民航网 记者胡夕姮 通讯员房钰钰、杨宇轩、杨家辉、戴敏婕报道：新春佳节临 近，节前运输高峰与情人节礼赠需求持续叠加，南方航空物流股份有限公司（以下简称"南航物流"）华 东区域营销中心数据显示，自2月2日春运启动以来，进出港货物环比增长超20%，其中鲜花、三文鱼、 车厘子等生鲜及年货快件增幅尤为显著。 ...

Core Viewpoint - China Southern Airlines has launched an interactive feature on its app that allows travelers to create personalized digital boarding passes using AI technology, enhancing the travel experience during the peak Spring Festival travel period [1] Group 1: Company Initiatives - China Southern Airlines has integrated the "AI Customize Your Destination Drawing" feature into its app, which utilizes the AI capabilities of Wanxiang to generate unique artistic boarding passes [1] - The feature allows travelers to select from 36 popular destinations, including Guangzhou and Shenzhen, and creates a boarding pass that incorporates local cultural elements [1] Group 2: Operational Details - The interactive activity is available through a pop-up on the China Southern Airlines app and a dedicated event page, running until February 25 [1] - This initiative aims to provide a personalized AI experience for over 80 million passengers expected during the Spring Festival travel peak [1]

公告显示，1月载客人数为13988.62千人，同比下降5.81%；货邮运量为160.02千吨，同比下降1.27%。 南方航空1月30日晚间披露2025年度业绩预告，预计2025年归母净利润8亿元，上年同期亏损16.96亿 元；扣非净利润预计1.3亿元至1.9亿元，上年同期亏损39.48亿元。 | 载客人数(千人) | | | | | | | --- | --- | --- | --- | --- | --- | | 国内 | 11, 884. 62 | 0. 77 | -7.82 | 11, 884. 62 | -7.82 | | 地区 | 153. 70 | 0. 75 | 0. 49 | 153. 70 | 0. 49 | | 国际 | 1, 950. 30 | 1.97 | 8. 04 | 1, 950. 30 | 8.04 | 来源：读创财经 | 合计 | 13. 988. 62 | 0. 94 | -5. 81 | 13.988.62 | -5.81 | | --- | --- | --- | --- | --- | --- | | 货运及邮运量(千吨) | | | | | | | 国内 | 77. ...